Good morning. Here's what you need to know.
- Asian markets were mostly lower in overnight trading with the Nikkei down 0.65 percent. Europe is selling off and U.S. futures are modestly lower, as market enthusiasm from yesterday's central bank actions fades.
- Futures have plunged after June nonfarm payrolls added 80K, missing expectations of 90K gains. The unemployment rate stayed unchanged at 8.2 percent.
- Italian prime minister Mario Monti's cabinet has passed €26 billion of spending cuts through 2014. The plan calls for €4.5 billion in spending cuts this year, €10 billion in 2013, and €11.5 billion in 2014.
- Yields on 10-year Spanish bonds climbed over 7 percent today, despite yesterday's lending rate cut from the ECB.
- Amazon is teaming up with Foxconn to develop a smartphone that would compete with the iPhone and Android devices. Meanwhile, the search for a new CEO for Yahoo has been narrowed down to interim CEO Ross Levinsohn and Hulu CEO Jason Kilar.
- German industrial output rose 1.6 percent month-over-month in May and was unchanged from a year ago.
- Christine Lagarde has said that the IMF is poised to cut the global growth outlook in 10 days. Back in April the IMF had projected 3.5 percent growth for 2012.
- German Chancellor Angela Merkel's approval rating is at its highest since 2009. 66 percent of those polled for ARD public television said she is doing a good job.
- UK's producer price index fell 0.4 percent in June. The Bank of England had earlier projected that inflation could fall under 2 percent this year. This adds to signs that inflation could in fact decline below that level.
- Canadian unemployment is also scheduled
for 8:30 a.m. ET. Expectations are for the rate to remain unchanged at 7.3 percent in June.
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